Understatement
/ˈʌndəˌrsteɪtmənt/
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Definition
(noun) A figure of speech whereby something is made to seem smaller or less important than it actually is, either through phrasing or lack of emphasis, often for ironic effect.
Sentence Examples
That's something of an understatement.
That would be an understatement.
CEFR Practice Quiz
To say that the project was a success is a bit of an ____, as it was actually a massive achievement today.